Luxembourg licenses spate of finance firms in Brexit migration

Kirchberg in Luxembourg City is home to several financial institutionsPhoto: Pierre Matgé

A majority of financial companies that received a license in Luxembourg last year moved to the country because of Brexit, the country's agency for the development of its financial centre said.

Out of 80 new licenses granted to banks, asset management companies, insurers and investment firms in 2018, 47 were for companies that have publicly announced to relocate some of their activites because of the impending departure of the UK from the European Union.

Asset managers and private equity firms including Fidelity, M&G, Aberdeen Standard Life, Columbia Threadneedle and Wells Fargo have moved to Luxembourg or reinforced their presence there, in the wake of Brexit, the agency said.

Luxembourg consolidated its role as global market leader for funds investing into China, with a market share of 29.3% of all funds investing in China, and 78.1% of all European funds investing into China, it said.

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